GXO Logistics

GXO Logistics’ Q1 revenue increases 6% to $2.46B

GXO Logistics came out with first-quarter revenue and earnings in line with Wall Street estimates, delivering a solid start to the year amid a “sluggish environment,” CEO Malcolm Wilson said.

“Companies are starting to restock; we can see that from the dialogue we have with our customers,” Wilson said during a call with analysts Wednesday before the market opened. “I think we’ve seen the bottom of the destocking environment. What we’re clearly evidencing is that customers, in order to meet their...

https://www.freightwaves.com/news/gxo-q1-logistics-earnings

Wincanton board approves GXO’s competing buyout proposal

The board of U.K. logistics firm Wincanton said Friday it unanimously recommended that shareholders approve GXO Logistics Inc.’s (NYSE: GXO) $965 million all-cash offer to acquire the company.

The Wincanton board withdrew its recommendation of Ceva Logistics S.A.’s lower-priced offer for the company. Based on current foreign exchange rates, the GXO offer is priced at $7.75 a share, while the CEVA offer is priced at $6.07 per share, or approximately $764 million.

“The Wincanton directors are...

https://www.freightwaves.com/news/wincanton-board-approves-gxos-competing-buyout-proposal

GXO slightly beats fourth-quarter EPS guidance

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Contract logistics provider GXO Logistics Inc. reported adjusted fourth-quarter earnings of 70 cents...

https://www.freightwaves.com/news/gxo-slightly-beats-fourth-quarter-eps-guidance

GXO to shut down Memphis facility, lay off 211 workers

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Contract logistics provider GXO Logistics announced Wednesday it plans to close a distribution...

https://www.freightwaves.com/news/gxo-to-shut-down-memphis-facility-lay-off-211-workers

GXO to shutter Ohio facility in January

Contract logistics provider GXO Logistics Inc. (NYSE: GXO) said it plans to close a facility in Groveport, Ohio, a suburb of Columbus, and lay off 192 employees.

In a notice sent to the state last week, Greenwich, Connecticut-based GXO said the facility will close on Jan. 15. Layoffs will begin on that date and will be completed within 14 days, GXO said.

Under the 1988 Worker Adjustment and Retraining Notification (WARN) Act, employers with more than 100 employees at a location must give...

https://www.freightwaves.com/news/gxo-to-shutter-ohio-facility-in-january

GXO, VTech expand collaboration

GXO Logistics, the world’s largest pure-play contract logistics provider, announced that it has expanded its partnership with VTech, a company in electronic learning products for infants, toddlers, and preschoolers, as well as the largest manufacturer of residential phones in the United States.

VTech operations are housed in 10,683 square meters of warehouse space at GXO’s West Hallam location, which includes e-commerce, picking and packaging, recycling, returns management, and value-added...

https://container-news.com/gxo-vtech-expand-collaboration/

GXO acquires luxury goods fulfillment provider PFSweb

Contract logistics provider GXO Logistics Inc. (NYSE: GXO) said Thursday that it has acquired PFSweb Inc. (NASDAQ: PFSW), a multinational provider of e-commerce luxury goods fulfillment services, in an all-cash deal valued at $181 million, or $7.50 a share.

The transaction sets an enterprise value of $142 million on PFS, which also manages a cash balance of $39 million. The transaction is expected to close in the fourth quarter, GXO said.

PFS, based in Irving, Texas, specializes in fulfillment...

https://www.freightwaves.com/news/gxo-acquires-luxury-goods-fulfillment-provider-pfsweb

GXO Logistics laying off 92 workers at Texas distribution center

Contract supply chain solutions provider GXO Logistics is ceasing operations at a distribution center in Wilmer, Texas, and laying off 92 workers.

“We’re ceasing operations with one of our customers in Wilmer,” a GXO spokesperson said in an email to FreightWaves. “As a result, impacted employees will have the opportunity to transfer to GXO sites nearby that serve other customers.”

GXO will begin the layoffs on Oct. 31 and complete them by Nov. 15. GXO did not disclose the name of the customer at...

https://www.freightwaves.com/news/gxo-logistics-laying-off-92-workers-at-texas-distribution-center

GXO posts strong quarterly results, raises full-year outlook

Contract logistics provider GXO Logistics Inc. (NYSE: GXO) reported better-than-expected second-quarter results late Wednesday and raised its full-year outlook for earnings per share and earnings before interest, taxes, depreciation and amortization.

Second-quarter revenue grew 11% year over year to $2.4 billion, with organic revenue increasing 3%. Net income rose 27% to $65 million. Operating income increased by 68%, and adjusted diluted earnings per share of 70 cents bettered consensus...

https://www.freightwaves.com/news/gxo-posts-strong-quarterly-results-raises-full-year-outlook

DHL Supply Chain, GXO Logistics lay off workers in Texas

DHL Supply Chain and GXO Logistics are laying off workers in Texas as a result of both companies losing customers.

DHL is laying off 80 Houston-area employees after a customer ended its contract.

“A DHL Supply Chain customer made the decision to terminate its contract with DHL and move the business to a new logistics provider,” the company said in an email to FreightWaves. “As such, 80 warehouse associates will be affected from our Missouri City and Sugar Land facilities.”

Missouri City and Sugar...

https://www.freightwaves.com/news/dhl-supply-chain-gxo-logistics-lay-off-workers-in-texas

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